UAE Rolls Over $2 Billion to SBP - Capital TV

June 3, 2023


UAE Rolls Over $2 Billion to SBP

Anum Razzaque

KARACHI: Amid the economic crisis, United Arab Emirates rolled over its deposit to the State Bank of Pakistan (SBP). 

The good news came after Premier Shehbaz Sharif and Chief of Army Staff (COAS) General Asim Munir’s visit.

The country’s finance manager announced the news on Wednesday, “Abu Dhabi Fund for Development (ADFD) has rolled over their deposit with SBP.”

On 12 January, Dar took to his Twitter account and wrote: “ADFD has rolled over their deposit of $2 billion in the central bank. They have also announced a $1 billion loan. “Prince Muhammad Bin Salman directed to mull increasing the deposit amount in the State Bank of Pakistan (SBP) by $5 billion,” reported SPA.

The International Monetary Fund’s ninth review will clear the release of a further $1.1 billion fund to Pakistan as external financing is crucial for the country’s broken economy.

Foreign exchange reserves held by State Bank of Pakistan (SBP) fell to a critical level of $4.3 billion, the bank said, barely enough for three weeks of imports.

Net foreign exchange reserves held by commercial banks stood at $5.8 billion, and total liquid reserves are at $10.1 billion

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